Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Oil prices have collapsed recently both due to the lowered demand amid the rapid spread of COVID-19 and OPEC+’s failure to reach an agreement on cutting oil output in April. President Donald Trump said on Saturday that he “does not care about OPEC” and that he will put tariffs on …

Oil prices suffered their worst decline in decades in March after Russia and Saudi Arabia failed to reach a deal on output cuts amid the ongoing COVID-19 crisis. OPEC Secretary General Mohammed Barkindo is in constant contact with the OPEC+ countries; the main participants in the group support the idea …

OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among oil producers on crude supply cuts, two OPEC sources said on Saturday.

Saudi Arabia’s foreign and energy ministers on Saturday denied Russia’s claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices. In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said “a statement attributed to one of the …

The Saudi-led OPEC group of oil producers and their allies will meet on Monday via video conference, a source close to OPEC said on Friday, to seek to boost oil prices which have tumbled by two-thirds since the beginning of the year. Top world crude exporter Saudi Arabia on Thursday …

There are yet no talks about a possible new deal to replace the OPEC+ agreements, Russian presidential spokesman, Dmitry Peskov said on Thursday. “So far, no one has started talking about any specific deals or even abstract deals to replace OPEC+,” he said, answering a question from TASS about whether …

The rampant spread of the coronavirus has turned busy streets worldwide into quiet, abandoned thoroughfares. Few cars and trucks on the road means drastically less fuel is needed as millions of people stay at home. “The unprecedented reduction in demand as the economy has basically come to a standstill worldwide …

OPEC nations aren’t giving support to a request from the group’s president for emergency consultations over tanking oil prices, according to a delegate.

Oil prices collapsed to their lowest levels in decades in March amid coronavirus concerns and OPEC+’s failure to reach a deal on production cuts, which prompted Riyadh and its allies to open the taps. Refineries in the United States and Europe are rejecting to accept any more Saudi Oil, even …

OPEC nations aren’t giving support to a request from the group’s president for emergency consultations over tanking oil prices, according to a delegate. Algeria, which holds the cartel’s rotating presidency, urged the secretariat this week to convene a panel that assesses market conditions as oil slumps amid the coronavirus crisis …